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Old 12-28-2009, 12:23 PM
 
Location: SoCal desert
8,093 posts, read 13,227,512 times
Reputation: 14870

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I take my numbers out of Quicken (data back to the mid 90's), but I still like Excel so I can play with the formulas
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Old 12-28-2009, 01:10 PM
 
Location: Planet Eaarth
8,955 posts, read 17,696,359 times
Reputation: 7193
Quote:
Originally Posted by Kleenex View Post
you should not give people advice! you are absolutely terrible at it. instead of encouragement, you provide fear, stress, and negative feelings to pretty much everyone you reply to (yes, i've read your other negative posts!).

OP, you are doing the right thing by planning ahead. get the ball rolling and you will be fine.
Just a suggestion: make sure you are aware of the 'fees' that are involved with someone/a company "managing" your 401k.

cheers.
Quote:
Originally Posted by MagnoliaThunder View Post
You know, I'm beginning to think some posters just LOOK for threads where they can inject hateful comments...this woman asked for help and suggestions, NOT harsh criticism.
Quote:
Originally Posted by Gandalara View Post
Playing devil's advocate here.
Yes, there are negative posts all over C-D by several posters. I usually want to reach through the monitor and strangle them.
BUT.
In the original post, it said "Get a will" and "check out our pension plan". It wasn't mentioned until several posts later that the OP meant to write "Update our wills" and "check out our new-to-us pension plan".
Off topic a bit......
While I appreciate "Gandalara" insight it's nice that at least one person took the time to actually read what was said and ,more importantly, why it was said. More should do that..........
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Old 12-28-2009, 01:36 PM
 
1,450 posts, read 3,787,916 times
Reputation: 968
My dh's just chomping at the bit to go to a financial planner, thinking they will give al the advice we need.

I'm not financially inept, my level of understanding is much higher than many may think, this wasn't meant to be an all-inclusive thread about my life, just asking for general suggestions.

We have investments at Fidelity, so, for what its worth we will see what they have to say for free, but they usually push their losers of funds, with front and back end loads, along with fees, what I detest is their retirement products, which are essentially a combination of mutual funds, all losers, all with fees, all bundled into a package which has its own fees. Nice for Fidelity!

We plan to draw up our own plan, allocate so much to stocks, bonds, etc, then pick our own products. Over the last bear market we actually gained 12% by careful choosing. Also, Fidelity has online tools to help with asset allocation, etc.

Also, looking for other suggestions, other than financial. For those of you who are recently retired, if you could turn back the clock 5 years, what would you have done differently? What choices are you happy with?

Another suggestion I can't emphasize enough---get rid of the clutter. Clutter is bad, clutter kills! That statement might seem a bit extreme, but that's exactly what happened to my mother. She never got rid of a thing in the same house for 30+years. When my father died she really needed to relocate, for climate, health, etc, but it was simply impossible to move her out. 30+ years of clutter was an impossible task to sort and move, and she wouldn't part with a thing. We did manage to get rid of a lot, but it was a drop in the bucket compared to what was left. One day she had a stroke trying to sort stuff, it was just too much for her. She died the following day. Then I was left to finish sorting stuff, I just hired a moving company to box it up and put in storage, then spent the next year sorting one box at a time, the clutter killed her, I wasn't going to let it kill me.

Realize when something has reached its useful life and get rid of it. My philosophy---I don't store anything, if I'm not using it, I get rid of it. Period! Don't save stuff for sentimental reasons, don't go into retirement burdened with the past, that's why we become senile, so the past doesn't matter, anyways!
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Old 12-28-2009, 01:50 PM
 
71,501 posts, read 71,674,131 times
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becareful of the fidelity planners at this stage..going forward they may be much to optomistic in their monte carlo simulations....

the amount of income their retirement planner gives me is about 20-25% higher than anything i would figure going forward...theres a good chance that 7% or so average long term return may be the new 10% all these calculators used.... a 50/50 mix will probley not return the proverbial 7% going forward.
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Old 12-28-2009, 01:56 PM
 
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Marylee, that is some of the best advice I have seen anywhere. There does, however, seem to be something missing. Besides concerns about money and possessions, what are you planning to do in retirement? Are there things that you want to do and goals that you want to accomplish? If not, I guess you are done and need to consider funeral and burial arrangements next. If you have plans and goals, then what are you doing to move in those directions?
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Old 12-28-2009, 02:26 PM
 
Location: SoCal desert
8,093 posts, read 13,227,512 times
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Quote:
Originally Posted by marylee54 View Post
Also, looking for other suggestions, other than financial. For those of you who are recently retired, if you could turn back the clock 5 years, what would you have done differently? What choices are you happy with?
Not retired yet. But since I plan on moving to another state, I wish I had started investigating other states and towns about 8 years before my retirement date. There's only so much vacation time per year to take trips - especially when I'm looking at 7 to 14 hours just to get there in my truck!
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Old 12-28-2009, 11:20 PM
 
1,450 posts, read 3,787,916 times
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Quote:
Originally Posted by jrkliny View Post
Marylee, that is some of the best advice I have seen anywhere. There does, however, seem to be something missing. Besides concerns about money and possessions, what are you planning to do in retirement? Are there things that you want to do and goals that you want to accomplish? If not, I guess you are done and need to consider funeral and burial arrangements next. If you have plans and goals, then what are you doing to move in those directions?

Good advice, just what will we do with our days? We will think of something!
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Old 12-29-2009, 08:17 PM
 
Location: In America's Heartland
929 posts, read 1,878,152 times
Reputation: 1177
A few things you might want to add to a retirement checklist.
I would recommend a one level home with few stairs if any.
If you can find a home that has been made handicapped accessible, that would be great. If not, budget for that type of work when or if it is needed. Make sure that you have good Long Term Care Insurance in place. Make sure the financial planner knows their stuff and they are not just trying to sell you something that benefits them more than it benefits you.
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Old 12-30-2009, 06:28 AM
 
6,235 posts, read 4,721,373 times
Reputation: 12751
debtmonger, thanks for your advice, but it might not fit everyone. First, if we live long enough many of us will eventually need more and more accommodations. I have lived in many different apartments and houses over the years and I expect to move a couple of more times before I die. Hopefully most of us will have many active years before we need to live with handicapped accessories. Next, I do have LTC plans. I almost wish I never signed up. Most of these plans seem to be a form of forced savings with large management fees. They are not usually like insurance to protect against catastrophic events. My plans are very limited and I don't think it is even possible to collect more than I have paid in regardless of the circumstances. Others may have found better plans or have plans that are subsidized through employment, but mine are close to worthless. I would be much better off just to set aside some money evey month and invest it on my own.
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Old 12-30-2009, 07:53 AM
 
7,979 posts, read 11,655,757 times
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Quote:
Originally Posted by HappyTexan View Post
There are two types of planners. You dealt with one.

There is another type that is independent. They charge a fee and you pay.
They will look over your entire portfolio and analyze and give you recommendations. That's it. Then you walk away and you do the work.

If you are not astute in financial planning I would advise that you pay the fee and get an analysis done. The advisor will go over everything with you and answer questions and give advice but is not affiliated with any financial company where selling their goods to you is how he makes his money. These are fee based independent financial planners.
I spent 400.00 dollars on an independent (they aren't easy to find either) for a one time financial health check. He started out ok then sort of slid into trying to turn me into a full-time client. He ended up focused on that and didn't give me some of the answers I wanted, or in a format I wanted. He did a lot pretty charts and graphs of the type that became out of date when the stock market tanked.

It was a waste of 400.00
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